Govt defers nod to Jet Airways, GMR Airport proposals

New Delhi: The government today deferred a decision on giving approvals to Jet Airways' proposal for qualified institutional placement (QIP) and GMR Airports' plan for a foreign investor in the Bangalore Airport, reports PTI.

The Foreign Investment Promotion Board (FIPB) in a meeting earlier this month, however, cleared six foreign direct investment proposals worth Rs5.46 crore, an official statement said.

The statement did not list any reason for deferring Jet and GMR Airport proposals.

"Based on the recommendations of the Foreign Investment Promotion Board (FIPB)... government has approved six proposals of Foreign Direct Investment (FDI) amounting to Rs5.46 crore approximately," the statement added.

It also deferred consideration of seven proposals, including Jet Airways' equity investment through qualified institutional placement (QIP) route and GMR Airports Holding's intent to induct foreign equity in an investing company.

The government had also deferred the proposals of equity induction in Falcon Tyres and Telecordia Technologies, among others.

Of the FDI proposals approved, the highest investment approval is with May House Publishers Pvt Ltd (Rs3.21 crore), followed by media firm What's on India Media Pvt Ltd (Rs2.24 crore).

Also, media house Zee Entertainment Enterprises has been allowed to induct foreign equity by way of transfer of shares by way of share swap.

Among the other proposals, Asergies Telecom Services (Bangalore), Praxair India Pvt Ltd and Newedge Broker India has been allowed to separately to get foreign equities.

The government also rejected five FDI proposals, including Shriram Capital's plan to induct foreign equity in an investing company.

Proposals of other companies, such as CNI Enterprises, Quantium Solutions International, were also rejected.
 

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